Standardising the whitepaper approval process for Asset-Referenced Tokens issued by credit institutions

This article focuses on the second set of final draft RTS, which addresses the approval process for whitepapers for ARTs.

The report by the EBA examines the draft RTS developed in accordance with MiCAR (Regulation (EU) 2023/1114). These standards create a harmonised process for approving white papers related to ARTs issued by credit institutions across the European Union.

The MiCAR comes into full effect for ARTs on 30 June 2024. This regulation aims to strike a balance between fostering innovation and ensuring fair competition, while protecting investors and maintaining market integrity. As part of this regulatory framework, MiCAR mandates a standardised process for the approval of white papers. These documents outline the specifics of ART offerings by credit institutions and play a critical role in maintaining transparency and regulatory compliance.

The draft RTS developed by the EBA seek to standardise the white paper approval process across all EU member states. This harmonisation will provide clear guidelines and expectations for institutions issuing ARTs, streamlining the process for faster and more efficient outcomes. The RTS underwent public consultation, resulting in several targeted improvements by the EBA. These include:

• Allowing authorities additional time to review whitepapers.
• Requiring justification for any requested changes to whitepapers.
• Clarifying the criteria used for substantive assessments.

The primary goal is to establish a transparent, efficient, and consistent system for approving ART white papers throughout the EU. This will contribute to creating a more secure and innovative market for these digital assets.

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